The irrigation technology company was merged into a stock market shell, and changed its name to Water Ways.
The flotation of Israeli irrigation technology company IRRI-Altal on the Toronto Stock Exchange has been completed. The company from Kibbutz Ramat David was merged into a stock market shell company, and is now called Water Ways. Along the way, it raised C$3.1 million (NIS 8.3 million). C$2.8 million was raised as a public offering and the remainder in private placements just before the public offering. The price of the units offered was C$0.25, giving the company a market cap of C$23 million (NIS 61 million) after the money. The company will be traded on the Toronto TSXV exchange, which is intended for growing startups. Several other Israeli companies are mulling offerings in Canada or are already in the process of carrying them out.
IRRI-Altal was founded in 2004 by chairperson and CEO Ohad Haber, 60, a veteran agriculture and water entrepreneur. Before founding IRRI-Altal, Haber served for several years as marketing manager of Dan Sprinklers (now NaanDanJain Irrigation).
Published by Globes, Israel business news - en.globes.co.il - on March 7, 2019
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Ohad Haber Photo: PR